Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.4
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2025
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

Income tax provision (benefit) consists of the following (in thousands):

 

SCHEDULE OF INCOME TAX PROVISION (BENEFIT)

             
    Year Ended October 31,  
    2025     2024  
Federal:                
Current   $ -     $ -  
Deferred     (1,237 )     (2,284 )
State:                
Current     -       -  
Deferred     (574 )     (754 )
Adjustment to valuation allowance related to net deferred tax assets     1,811       3,038  
Total   $ -     $ -  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset, net, at October 31, 2025 and 2024, are as follows (in thousands):

 

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

             
    October 31,  
    2025     2024  
Long-term deferred tax assets:                
Federal and state NOL and tax credit carryforwards   $ 30,582     $ 29,198  
Deferred compensation     8,763       8,394  
Intangibles     104       161  
Subtotal     39,449       37,753  
Less: valuation allowance     (39,449 )     (37,753 )
Deferred tax asset, net   $ -     $ -  
SCHEDULE OF RECONCILIATION OF INCOME TAXES

SCHEDULE OF RECONCILIATION OF INCOME TAXES

    Year Ended October 31,  
    2025     2024  
Income tax benefit at U.S. Federal statutory income tax rate   $ (2,316,000 )     (21.00 )%   $ (2,667,000 )     (21.00 )%
State income taxes     (770,000 )     (6.98 )%     (887,000 )     (6.99 )%
Permanent differences     31,000       0.28 %     21,000       0.17 %
Expiring net operating losses, credits and other     1,244,000       11.28 %     495,000       3.90 %
Change in valuation allowance     1,811,000       16.42 %     3,038,000       23.92 %
Income tax provision   $ -       0.00 %   $ -       0.00 %